Saint-Gobain to Sell Majority of UK Foam Insulation Business to Soprema
December 07 2023 - 2:03AM
Dow Jones News
By David Sachs
Saint-Gobain said it would sell a majority stake in its U.K.
foam insulation business to Soprema as part of its disposal
plan.
The French construction supplier said late Wednesday that
Celotex's assets will be transferred to a new standalone company,
which will be 75% owned by Soprema, a private French waterproofing
and insulation firm. Saint-Gobain will retain a 25% minority stake,
it said.
The move is part of Saint-Gobain's streamlining strategy, which
includes asset-disposals.
Celotex has two manufacturing facilities in the U.K. and employs
155 people, Saint-Gobain said. The transaction is expected to close
early next year.
Financial details were not disclosed.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
December 07, 2023 01:48 ET (06:48 GMT)
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